Legacy Secure SL updates - available in New Jersey beginning December 8, 2008
Legacy Secure SL will be updated in New Jersey beginning Monday, December 8, 2008. This survivorship life policy from Lincoln Benefit Life helps ensure the integrity of a customer's financial legacy while the Estate Liquidity Rider gives the owner the flexibility to adjust the policy to reflect changing priorities - including the option of receiving a partial or full premium refund at certain points in time if the owner decides the coverage is no longer required.1,2
Summary of Changes
- Guaranteed COIs now based on 2001 CSOs
- Premiums and COIs continue to age 120
Important Information
The standard cut-off for LBL products using the 1980 CSO tables is December 1, 2008, with all sales suspense requirements received by December 15, 2008. These cut-offs were set to help ensure that 1980 CSO policies are issued and released in 2008. In New Jersey, we will make an exception and continue to accept applications for Legacy Secure SL using 1980 CSO tables through December 8, 2008; however, we still must receive all sales suspense requirements by December 15, 2008 and the policy must be issued in 2008.
Illustration Software
The updated Lincoln Benefit Life Illustration Software, including the New Jersey state approval, will be available for download from accessallstate.com beginning December 8, 2008. The discontinued version of Legacy Secure SL will no longer be available on the illustration software as of December 15, 2008.
State Approvals
Legacy Secure SL is now approved in all states except Montana.
Transition Rules
LBL has adopted detailed transition rules to bridge the transition from our existing product to the revised Legacy Secure SL available in New Jersey on December 8, 2008. Please take special note of the dates when the product will no longer be available, dates when applications are due for the discontinued product and dates when illustration capability will be available for the revised product. Regular backdating rules will apply.
Application
Applications will be accepted by the specified dates as long as they are "in good order." In good order means a completed application, with illustration and other required forms that have been signed and received in the Home Office by the following outlined deadlines.
| Application Signed Date |
Application Received |
Default Product |
| On or before December 8, 2008 |
On or before December 15, 2008 |
Old Product |
| On or before December 8, 2008 |
After December 15, 2008 |
New Product* |
| On or after December 9, 2008 |
Any date |
New Product* |
*If case was submitted with an illustration for the old product or if the product is unable to be issued in 2008, a revised illustration will need to be provided.
For more information, contact Madison Brokerage today!
For Broker/Dealer or Agent use only. Not for public dissemination. May not be shown to the public in oral, written or electronic form as sales material.
1 Please see Estate Liquidity Rider (UL0522 series) for terms, conditions and restrictions. Subject to state availability and variations.
2 This rider is only available if the younger insured is age 75 or younger and neither insured is classified as uninsurable.
Legacy Secure Survivorship Life Insurance Policy (UL0760) is issued by Lincoln Benefit Life Company, Home Office, Lincoln, NE. Lincoln Benefit Life Company is a wholly owned subsidiary of Allstate Life Insurance Company, Home Office, Northbrook, IL.
Guarantees are based on the claims-paying ability of Lincoln Benefit Life Company.
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